The AUD/USD pair could drop deeper if it stays under the median line (ml). Registering a valid breakdown below the 61.8% retracement level may signal a potential reversal. Its failure to stay above the upper median line (UML) signaled a corrective phase. The AUD/USD price is trading in the red at 0.7368. The bias remains bearish as the Dollar Index maintains a bullish bias in the short term. DXY’s further growth could force the USD to dominate the currency market. –Are you interested in learning more about forex bonuses? Check our detailed guide- As you already know, the price is at a corrective phase. It has ignored strong downside obstacles, so a further drop is in the cards. The Federal Reserve is expected to continue to hike rates in the upcoming monetary policy meetings. That’s why the US Dollar remains strongly bullish. On Friday, the US economic data came in better than expected. The Dollar Index could resume its growth anytime. Industrial Production rose by 0.9%, beating 0.4% expected. Capacity Utilization Rate was reported at 78.3% versus 77.8% forecasts, while the Empire State Manufacturing Index came in at 24.6 points above 0.9 points forecasted. Today, the Australian banks are closed in observance of Easter Monday. Still, I believe that the Chinese data impacted the AUD/USD pair. The GDP rose by 4.8% versus 4.2% expected, the Unemployment Rate jumped from 5.5% to 5.8% above 5.5% estimates, while the Retail Sales registered a 3.5% drop compared to 3.0% forecasts. In addition, Industrial Production and the Fixed Asset Investment came in better than expected. Get FREE Forex Signals Now! AUD/USD price technical analysis: Corrective phase As you can see on the 4-hour chart, the price returned to retest the descending pitchfork’s median line (ml), which is seen as a dynamic resistance (support turned into resistance). The price found temporary support on the 61.8% (0.7354) retracement level. –Are you interested in learning more about ETF brokers? Check our detailed guide- Breaking below this level could open the door for a larger drop. As long as it stays under the median line (ml), the AUD/USD pair could approach and reach new lows. A valid breakdown below 61.8% could activate a downside reversal. Technically, the price failed to stabilize above the ascending pitchfork’s upper median line (UML), signaling that the upward movement could be over. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns AUD/USD Daily Outlooks share Read Next USD/JPY Forecast: Bulls Eying 130.00 amid BoJ-Fed Divergence Saqib Iqbal 1 month The AUD/USD pair could drop deeper if it stays under the median line (ml). Registering a valid breakdown below the 61.8% retracement level may signal a potential reversal. Its failure to stay above the upper median line (UML) signaled a corrective phase. The AUD/USD price is trading in the red at 0.7368. The bias remains bearish as the Dollar Index maintains a bullish bias in the short term. DXY’s further growth could force the USD to dominate the currency market. -Are you interested in learning more about forex bonuses? Check our detailed guide- As you already know, the price is… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.